Adelman spent three seasons with the Wolves and 23 years as a head coach in the NBA. He guided Minnesota to a record of 97-133, including 40-42 this past season.

The Wolves missed the playoffs for the 10th straight season, but the 40 wins were the club's most since a 44-38 mark in 2004-05.

"Coach Adelman is truly one of the greatest coaches in our game's history, and he has helped restore credibility and respectability to the Timberwolves franchise through what he stands for both on and off the court," said Wolves president of basketball operations Flip Saunders on Monday. "He has impacted the NBA with his offensive vision and influenced the philosophies of many coaches in the league. I wish Rick and (wife) Mary Kay the very best in their future, and look forward to his continued contributions to the Timberwolves organization."

Adelman posted a record of 1,042-749 in stints with Portland (1988-94), Golden State (1995-97), Sacramento (1998-2006), Houston (2007-11) and Minnesota. He led the Trail Blazers to the NBA Finals in 1990 and '92, and guided his clubs to the playoffs 16 times.

The 67-year-old mentor had one year remaining on his contract and will remain with the organization in a consulting role. He has the eighth-most wins in NBA history, trailing Don Nelson, Lenny Wilkens, Jerry Sloan, Pat Riley, Phil Jackson, George Karl and Larry Brown.

Adelman spent seven seasons as a player in the NBA with the San Diego Rockets, Portland Trail Blazers, Chicago Bulls, New Orleans Jazz and Kansas City-Omaha Kings. He retired in 1975 with career averages of 7.7 points, 3.5 assists and 2.4 rebounds in 462 regular-season games.